Tech3 | Meesho walks a tightrope; Amazon, Walmart tormentor’s election promises; and more

Just In: Farmers near Bengaluru staged a protest against Karnataka govt and Foxconn’s land acquisition .?

One quick thing: India is an incredibly exciting market and a major focus market for Apple, says CEO Tim Cook .

• Apple's iPhone shipments will surge 20% in India , outpacing the industry in 2024, say experts

In today’s newsletter:?

• Meesho walks a tightrope
• Amazon, Walmart tormentor’s election promises
• Instagram faces music over 'indecent' videos

Meesho walks a tightrope After a few months of smooth ride, e-commerce platform Meesho has entered a bumpy road. Driving the news: Meesho just managed to break even in Q3FY24 after recording a profit of $5 million in Q2FY24, as per internal documents we accessed.?

• Higher operating expenses and ESOP spends weighed on the company’s performance during the quarter.?

Although Meesho's performance might look shaky month-on-month, the company showed healthy improvement on a yearly basis.

• Meesho’s profit after tax (PAT) went from negative $21 million (negative $21 million) in Q3FY23 to 0 (zero) in Q3FY24.

Revenue jumps: Even as the firm failed to maintain a streak of profitability, its revenue reached a high, the same set of documents showed.

• It clocked a revenue of $271 million in Q3FY24, an increase of 47 percent on a YoY basis?

• Meesho’s GMV jumped to $1.4 billion in Q3FY24 from $1 billion a year ago..

Meesho also ended Q3FY24 with a cash balance of $400 million, the documents revealed.?

What’s next? Meesho is in the process of topping up its $400 million cash balance, with another round which can be as large as $500 million, as we had reported earlier.?

• Meesho will use the money to pay relevant taxes that arise from flipping its base from Delaware in the US to India?
• Marquee investors like Tiger Global, Peak XV, SoftBank are all lining up to back Meesho?

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